%20PRIVATE%20LIMITED%2003-Nov-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
03.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLASH ELECTRONICS (INDIA) PRIVATE LIMITED |
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Registered Office : |
B-11/3 Mohan Co-Operative Industrial Area, New Delhi – 110 044 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.10.1989 |
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Com. Reg. No.: |
38169 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PTC038169 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELF02582G / PNEF00809E |
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PAN No.: [Permanent
Account No.] |
AAACF1538P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Automobile Electrical Spares |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 710000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Kale |
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Designation : |
Finance Manager |
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Date : |
01.11.2008 |
LOCATIONS
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Registered Office : |
B-11/3 Mohan Co-Operative Industrial Area, New Delhi – 110 044, India |
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Tel. No.: |
91-11-29892141 / 29891842 |
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Fax No.: |
91-11-29893467 |
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E-Mail : |
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Website : |
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Factory 1: |
A-4, MIDC Industrial Area, Mahalunge, Chakan, Pune – 410 501,
Maharashtra, India |
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Tel. No.: |
91-2135-666000 |
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Fax No.: |
91-2135-666109 |
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Factory 2: |
13/6, Mathura Road, Sector-27B, Faridabad, Haryana, India |
DIRECTORS
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Name : |
Mr. Parmeet Vasdev |
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Designation : |
Director |
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Address : |
S-225, Greater Kailash Part -1, New Delhi – 110 048, India |
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Date of Birth/Age : |
22.10.1970 |
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Date of Appointment : |
01.04.1991 |
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Name : |
Mrs. Sonia Kathuria |
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Designation : |
Director |
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Address : |
B-170, East of Kailash, New Delhi – 110 065, India |
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Date of Birth/Age : |
17.11.1962 |
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Date of Appointment : |
16.03.2007 |
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Name : |
Mr. Ranvir Singh Vasdev |
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Designation : |
Managing Director |
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Address : |
S-225, Greater Kailash Part -1, New Delhi – 110 048, India |
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Date of Birth/Age : |
23.04.1934 |
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Date of Appointment : |
28.02.1995 |
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Name : |
Mr. Sanjeev Vasdev |
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Designation : |
Director |
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Address : |
202, Western Avenue, Sainik Farms, New Delhi – 110 062, India |
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Date of Birth/Age : |
27.09.1964 |
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Date of Appointment : |
26.10.1989 |
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Name : |
Mr. Amit Paul |
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Designation : |
Nominee Director |
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Address : |
Flat No. 501, 5th Floor, SIDBI Officers Apartments, Veera
Desai Road, Andheri (West), Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
08.12.1965 |
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Date of Appointment : |
06.04.2007 |
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Other Directorship : |
·
Lexsphere Private Limited CIN No.: U74899DL1993PTC056590 ·
E Cube India Solutions Limited CIN No.: U30000GJ2000PLC038530 ·
Expressit Logistics Worldwide Limited CIN No.: U74999MH2002PLC135720 ·
Mudra Lifestyle Limited CIN No.: U17110MH1997PLC106945 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 25.09.2007)
|
Category |
Percentage |
|
Directors or Relative of director |
99.00 |
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Others |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Automobile Electrical Spares |
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Products : |
Electronics ·
CDI / Electronic Ignition Units (Microprocessor based / Analog) ·
RR Units (Single and Three Phase) ·
Flashers ·
Energy Meters (Single and Three Phase) ·
LCD Display Multi-function Energy Meters Electricals ·
A.C. Generators / Magneto ·
Starter Motors ·
Ignition Coils ·
EMI Suppressor Spark Plug Caps Machined components ·
Chain Sprockets for Motorcycle |
GENERAL INFORMATION
|
Customers : |
·
Bajaj Auto
Limited ·
Honda
Scooters And Motorcycles ·
Yamaha Motors
India ·
Punjab State
Electricity Board |
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Bankers : |
·
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower
Parel (West), Mumbai – 400 013, Maharashtra, India ·
ICICI Bank Limited ·
ABN Amro Bank ·
American Express Bank ·
Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Wahi and Company Chartered Accountants |
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Address : |
K-1, Kailash Colony, New Delhi – 110 048, India |
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Associates/Subsidiaries : |
·
Flash Transval Limited ·
Wandoo India Private Limited (Formerly Tobu India Private Limited) ·
Rensons India |
CAPITAL STRUCTURE
(As on 25.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4020000 |
Equity Shares |
Rs.10/- each |
Rs.40.200
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
40.200 |
27.721 |
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2] Share Application Money |
|
74.999 |
12.500 |
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3] Reserves & Surplus |
|
25.961 |
17.400 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
141.160 |
57.621 |
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LOAN FUNDS |
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1] Secured Loans |
|
188.274 |
170.778 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
188.274 |
170.778 |
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DEFERRED TAX LIABILITIES |
|
4.263 |
0.000 |
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TOTAL |
|
333.697 |
228.399 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
190.638 |
79.312 |
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Capital work-in-progress |
|
0.963 |
75.483 |
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INVESTMENT |
|
7.152 |
7.152 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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53.773 |
39.128 |
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Sundry Debtors |
|
100.699 |
48.060 |
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Cash & Bank Balances |
|
17.488 |
0.608 |
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Other Current Assets |
|
19.190 |
29.870 |
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Loans & Advances |
|
20.582 |
7.966 |
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Total
Current Assets |
|
211.732 |
125.632 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
83.666 |
58.294 |
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Provisions |
|
4.148 |
1.000 |
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Total
Current Liabilities |
|
87.814 |
59.294 |
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Net Current Assets |
|
123.918 |
66.338 |
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MISCELLANEOUS EXPENSES |
|
11.026 |
0.114 |
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TOTAL |
|
333.697 |
228.399 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
848.310 |
210.181 |
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Other Income |
|
5.897 |
1.131 |
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Total Income |
|
854.207 |
211.312 |
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Profit/(Loss) Before Tax |
|
13.512 |
6.317 |
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Provision for Taxation |
|
1.598 |
1.123 |
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Profit/(Loss) After Tax |
|
11.914 |
5.194 |
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Imports : |
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Raw Materials (DLI) Chakan |
|
US$1154186.59 Euro04162.36 US$89242 |
US$625147.48 US$3000 |
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Stores & Spares Chakan |
|
US$16967 Euro03415.08 |
US$24574.00 |
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Capital Goods (DLI) Chakan |
|
Nil JPY6069800 US$445472.5 |
US$19000.000 JPY 24300000 US$93400 Euro 43000 |
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Others |
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Expenditures : |
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Cost of Goods Sold |
|
561.244 |
130.440 |
|
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Manufacturing Expenses |
|
184.054 |
45.693 |
|
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Administrative Expenses |
|
11.578 |
3.443 |
|
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Sales and Other Expenses |
|
6.272 |
1.585 |
|
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Finance Expenses |
|
17.552 |
4.016 |
|
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Employee Cost |
|
48.031 |
16.585 |
|
|
Miscellaneous Expenses W/Off |
|
0.388 |
0.031 |
|
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Depreciation & Amortization |
|
11.576 |
3.202 |
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Total Expenditure |
|
840.695 |
204.995 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.39 |
2.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
1.59 |
3.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.36 |
3.08 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.10 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.96 |
3.99 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.41 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
Performance Review
This year also the company met the demand of its customers successfully.
It is a matter of pride not only for the company but also for its shareholders,
stakeholders, employees and others associated with the company. During the
year, the profit before depreciation and taxation was Rs.25.089 millions as
compared to Rs.9.519 millions in the previous year. The profit after tax is
Rs.11.914 millions as compared to Rs.5.194 millions in the previous year. The
turnover of the company increased by a whopping, 303% over the previous year.
This sales growth was due to start of Chakan plant where the production of
Magnetors was accomplished successfully accompanied by improvement in cost
rationalization, better working capital management, efficiency in
manufacturing, higher productivities and innovative product line-up.
Operations
During the year, the total Manufacturing Turnover of the company was
Rs.848.311 millions as compared to Rs.210.181 millions in the previous year and
registered an increase of apprx. 303.60% over the previous year.
Contingent
Liabilities
|
|
(As
on 31.03.2007) Rs.
In millions |
|
In respect of guarantee given |
0.400 |
|
to other parties for Sales Tax matters and
PSEB |
2.577 |
|
BG to Commissioner of sales tax (Pune) |
0.005 |
|
Bonds Under Customs (Pune) |
1.889 |
|
Capex payments for PO raised but payment
to be made for project work at Chakan |
20.558 |
The Company is primarily engaged in the business if manufacturing of Auto
Components for Two Wheelers (Motorcycle and Scooters), which is governed by the
same sct of risks and returns. The accounting treatment for this types of auto
parts is in accordance with the guiding principle enunciated in the Accounting
Standard on Segment Reporting (AS-17) issued by the Institute of Chartered
Accountants of India.
Fixed Assets
·
Air conditioner / Fans and Coolers
·
Cars
·
Cell Phone
·
Computers
·
Factory Sec., Systems
·
Fax Machine
·
Furniture and Fittings
·
Generator
·
Land and Building (Agr.)
·
Land at Chakan, (Pune)
·
Land and Factory
·
Office Equipments
·
Plant and Machinery
·
Land and Factory
·
Office Equipments
·
Plant and Machinery
·
Land and Factory
·
Office Equipments
·
Plant and Machinery
·
Photocopy
·
Refrigerator
·
Scoters and Motor Cycles
·
Tools and Dies
·
Water Cooler
·
Material Handling Equipment
·
Electrical Installation
·
R and D Equipments
·
Vehicles
Form No. 8
|
Corporate
identity number of the company |
U74899DL1989PTC038169 |
|
Name of the
company |
FLASH ELECTRONICS (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
B-11/3 Mohan Co-Operative Industrial Area, New Delhi – 110 044, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable property
(not being pledge) ·
Others o
Current
Assets |
|
Particular of
charge holder |
3i Infotech
Trusteeship Services Limited 3rd to
6th Floor, International Infotech Park, Tower No. 5, Vashi Railway
Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
hypothecation |
|
Date of
instrument Creating the charge |
09.02.2008 |
|
Amount secured by
the charge |
Rs.12.400
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 10.50% p.a. Terms of
repayment Final maturity
February 28, 2011 Margin Not Applicable Extent and
operation of the charge ·
Pari passu charge
on entire stocks of raw materials, semi-finished and finished goods,
consumable stores and spares and such other moveables including book-debts,
bills whether documentary or clean, outstanding monies, receivables, both
present and future ranking pari passu with HDFC Bank. ·
Pari-passu
charge hypothecation of the company’s movable fixed Assets along with HDFC
Bank. ·
Exclusive
charge over all moveable fixed assets acquired out of the ECB TL of ICICI
Bank. Others The above is to
secure the term loan of Rs.12.4 million sanctioned by ICICI Bank Limited |
|
Particulars of
the property charged |
·
Entire
stocks of raw materials, semi-finished and finished goods, consumable stores
and spares and such other moveables including book-debts, bills whether documentary
or clean, outstanding monies, receivables, both present and future ranking
pari passu with HDFC bank. ·
Company’s
movable fixed Assets along with HDFC Bank. ·
All moveable
fixed assets acquired out of the ECB TL of ICICI Bank. |
Web Details
Profile
Subject
was founded in 1989 and is today a trusted supplier to major Indian Two / Three
Wheeler manufacturers.
The Company focuses on 5 core
areas:
·
Electronics for Motorcycles / Scooters / Mopeds /
Three Wheelers and Stationary Engines.
·
C. Generators / Magnetos for Motorcycles / Scooters /
Mopeds / Three Wheelers and Stationary Engines.
·
Starter Motors with both Permanent magnet and
field type technology for Motorcycles / Scooters / Mopeds / Three Wheelers and
Stationary Engines.
·
Chain Sprockets for Motorcycles.
·
Electronic Energy Meters, Single and Three phase with /
without Multi functions using Micro Processors.
Strengths
·
Strong In-house R and D for designing the products as
per customer / vehicle specifications.
· Consistent top QUALITY
which gives us the winning edge over competition.
· COST effective products
through Technology and In-built systems.
·
ON TIME direct on line delivery to the customers
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|